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ITR-5 Form — Guide for Firms, LLPs, AOPs & BOIs 2026-27
Updated: 3 June 2026 | Income-tax Act, 2025 | Verified against CBDT notifications
ITR-5 is the Income Tax Return form for partnership firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities for Tax Year 2026-27. Individuals, HUFs, and companies must NOT use ITR-5. The due date is 31 July (non-audit) or 31 October (audit cases under Section 44AB).
ITR-5
Mandatory for: Firms, LLPs, AOPs, BOIs — NOT for individuals or companies LLPs must additionally file Form 8 & Form 11 with MCA every year.
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Common mistake: LLPs filing ITR-3 instead of ITR-5. ITR-3 is exclusively for individuals and HUFs. An LLP filing ITR-3 will receive a defective return notice under Section 139(9). Always use ITR-5 for any LLP, regardless of size.
Which ITR Form Applies to Your Entity?
Entity Type
Correct ITR Form
Notes
Individual (salaried / business)
ITR-1 / ITR-2 / ITR-3 / ITR-4
Depends on income type
HUF
ITR-2 / ITR-3 / ITR-4
Never ITR-5
Partnership Firm
ITR-5
Include partners' capital schedule
LLP (Limited Liability Partnership)
ITR-5
Also file Form 8 & Form 11 with MCA
AOP / BOI
ITR-5
AOP = Association of Persons
Private Ltd / Public Ltd / OPC
ITR-6
Companies under Companies Act 2013
Charitable / Religious Trust (Sec 11/12)
ITR-7
Trust claiming exemption under Sec 11/12
Cooperative Society
ITR-5
As per Income-tax Act
Key Schedules in ITR-5
MANDATORY
Schedule P&L — Profit and Loss Account
Full Profit and Loss account as per books — gross revenue, expenses, depreciation, and net profit before tax. Must match the audited financials for audit cases.
MANDATORY
Schedule BS — Balance Sheet
Complete balance sheet including capital accounts of partners/designated partners, reserves, secured and unsecured loans, fixed assets, investments, debtors, cash, and other assets/liabilities.
MANDATORY
Schedule BP — Business Profit Computation
Reconciles book profit to taxable income — adds back disallowed expenses (personal costs, excess depreciation, penalties, provisions) and deducts items allowed under the Income Tax Act but not in books. This is the core tax computation schedule.
IF APPLICABLE
Schedule CG — Capital Gains
Details of short-term and long-term capital gains from sale of assets — property, securities, mutual funds, etc. Required if the firm sold any capital assets during the year.
LLP SPECIFIC
Partners' Capital Account Schedule
Statement of each partner's opening capital, additions (profit share, fresh capital), drawings, and closing capital. LLPs and firms must disclose all designated/working partners with PAN details.
LLP: MCA Compliance in Addition to ITR-5
An LLP filing ITR-5 with the Income Tax Department must also comply with MCA (Ministry of Corporate Affairs) annual filings:
MCA Form
Purpose
Due Date
Form 8
Statement of Solvency — declares LLP can pay its debts
30 October every year
Form 11
Annual Return — lists partners, capital contribution, changes
30 May every year
Penalty for late filing of Form 8 or Form 11: ₹100 per day per form (no upper cap). Non-filing can lead to LLP being struck off.
ITR-5 Due Dates — Tax Year 2026-27
Category
Due Date
Audit Required?
Firms/LLPs NOT liable for tax audit
31 July 2026
No
Firms/LLPs with turnover > ₹1 Cr (business) / ₹50L (profession)
31 October 2026
Yes — Sec 44AB
Firms with international/specified domestic transactions
30 November 2026
Yes — Transfer Pricing
Frequently Asked Questions
Who should file ITR-5?
ITR-5 must be filed by firms (partnership firms), LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities. Individuals and HUFs must NOT file ITR-5 — they use ITR-1 to ITR-4. Companies must use ITR-6 or ITR-7. If you are a partner in a firm, the firm files ITR-5 while you (the individual partner) file your own ITR-1/2/3 showing your share of profit.
Can an LLP file ITR-3 instead of ITR-5?
No — this is one of the most common mistakes. An LLP is not an individual or HUF, so it cannot file ITR-3. ITR-3 is for individuals/HUFs having income from business or profession. An LLP must compulsorily file ITR-5. Filing the wrong ITR form makes the return defective under Section 139(9) and the Income Tax Department can issue a defective return notice. The LLP must also file Form 8 (statement of solvency) and Form 11 (annual return) with MCA every year.
What is the due date for ITR-5 filing?
The due date for ITR-5 depends on whether the entity is subject to tax audit. If the firm/LLP/AOP is NOT required to get accounts audited under Section 44AB, the due date is 31 July of the assessment year. If a tax audit under Section 44AB is applicable (turnover exceeds ₹1 crore for business, ₹50 lakh for profession — or ₹10 crore for digital transactions), the due date is 31 October of the assessment year. For transfer pricing cases, the due date is 30 November.
Is digital signature (DSC) mandatory for ITR-5?
DSC is mandatory for ITR-5 filers who are required to get their accounts audited under Section 44AB. For entities not subject to tax audit, ITR-5 can be verified using Electronic Verification Code (EVC) via net banking, or by sending a signed physical copy of ITR-V to CPC Bengaluru within 30 days of e-filing. LLPs, firms with turnover above audit threshold, and cooperative societies subject to audit must use DSC.
What is Schedule BP in ITR-5?
Schedule BP (Business/Profession Profit) in ITR-5 is used to compute the net profit from business or profession after adjustments as per the Income Tax Act. It starts with the net profit as per the profit and loss account, then adds back disallowed expenses (personal expenses, excess depreciation, provisions, etc.) and deducts allowable expenses not already credited in P&L. The result is the taxable business income. It also covers computation of presumptive income under Sections 44AD, 44ADA, or 44AE where applicable.
